Simplest Facts about Bitcoin

[5W-KILO]

What Bitcoin is best use for

Digital Gold
Store of value.
Beating inflation.
Decentralisation ( total control )



What Bitcoin is not best use for

Making payments everyday ( no fast settlement)
Covering tracks( staying anonymous is not so simple)
Privacy ( Public Blockchain from scratch)


While some will argue here is my own pin points
You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.
Congestion is still a thing, you can wait for few hours more if there is congestion.
That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.


The most popular lies about Bitcoin

Bitcoin supply can't reach us all, it's too thinny
Bitcoin mining is not healthy for the environment.
Bitcoin is best tool for criminals.
Satoshi Nakamoto real identity is known.

[Cookdata]

Sigh! I don't know which part of your post to quote, these are not fact about Bitcoin but fact about you knowing nothing about Bitcoin.

You don't have to post, just observe sometimes and learn.

[_act_]

You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.

There are many businesses that have been accepting payments in bitcoin lightning network and it is working good on such a way that there is not delay and the fee is low or it has no fee.

Congestion is still a thing, you can wait for few hours more if there is congestion.
That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.

Also there is lightning network that you can use during mempool congestion.

[Shadiq]

Some of what you say is true but most of it is wrong. You still need to gain a lot of knowledge about Bitcoin, I think you don't even have basic knowledge about Bitcoin.

Who said Bitcoin is not anonymous? Can't ensure privacy? And is not suitable for daily transactions? These are all lies. There are still some institutions that accept Bitcoin. Don't always compare Bitcoin with dollars, consider Bitcoin as Bitcoin. It is undeniable that Bitcoin mining is unhealthy for the environment. But those who say that Bitcoin mining should not be done at the expense of the environment are basically hypocrites. We are harming the environment more for our own sake, while the harm from mining is nothing.

[JigzawMarzipan]

You’re mostly right, but a bit simplified. BTC isn’t “bad” for payments, it’s just not optimized for base-layer speed. That’s why layers like Lightning exist. Base layer = settlement, not coffee payments. 

[Churchillvv]

What you need to understand is that bitcoin is an alternative payment method, not in competition with fiat or trying to eradicate fiat, so for fast payments bitcoin has its mechanism such as lightning network for easier and fast payment when it has to do with retail and  consumption transactions but if you want to use basic method, is fiat not there? So it’s delusional for me when people say bitcoin isn’t good for transaction because of course it is but is it forcing you to use it? It’s an option and if you can’t do it properly let go of it.

[uchegod-21]

What Bitcoin is best use for

Digital Gold
Store of value.

I don't understand what you mean by bitcoin being used as digital gold but it is neccessary I put things clear to you. People say bitcoin is digital gold not because it is gold in reality, but because it shares a similarity with gold in terms of being a good store of value. You saying bitcoin is used as digital gold and still going ahead to say it is used as store of value shows that you are yet to understand these simplest facts about Bitcoin.  You should learn more so as to be sure of what you put out there for people to read.

[CryptSafe]

OP, I was wondering if you really took out time to read your post before uploading it because majority of what you wrote are all wrong. This is why newbies are advised to take time to and study about Bitcoin and the platform so they have understanding of what is happening here and to also know what to present or contribute to discussions as the case may be.

As for Bitcoin, I like the fact that I have sole control and custody of my funds and assets, no third-party interference, no procedures and processes involved, I take full responsibility for the control of what belongs to me and not the government anymore.

[Catenaccio]

21 facts about Bitcoin.
https://www.michael.com/21-truths-of-bitcoin
Click on the link from that site you will be directed to https://assets.contentstack.io/v3/assets/bltdef7a3f3c28ddd84/bltc220da119bbf3c34/67dc7adb37e25aa78d1e3ca5/Digital_Assets_25_Final.pdf

Some more on Bitcoin bullish future and how it can be used.
The bullish case for Bitcoin.

[sleepfirefly]

Covering tracks( staying anonymous is not so simple)

i would argue that covering tracks and staying anonymous are quite different. obviously you can never cover tracks because the bitcoin blockchain is transparent. there is no covering tracks that exist. you can't hide a transaction but you can hide your identity through bitcoin since you do not need to sign up on anything to buy bitcoin unless you buy from an exchange.

[BitGoba]

Bitcoin is the best form of money humanity has ever used.
Throughout history, we have used all kinds of goods and objects as money, including shells, salt, glass beads, rai stones, whale teeth, cocoa, rice, tea, and many others. Later came gold, silver, and bronze, followed by bank-issued fiat money in both paper and digital form. But despite everything we have used over the centuries, Bitcoin is the best form of money humanity has ever had. That is a fact.

[AmaGold70]

What Bitcoin is best use for

Digital Gold
Store of value.
Beating inflation.
Decentralisation ( total control )



What Bitcoin is not best use for

Making payments everyday ( no fast settlement)
Covering tracks( staying anonymous is not so simple)
Privacy ( Public Blockchain from scratch)


While some will argue here is my own pin points
You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.
Congestion is still a thing, you can wait for few hours more if there is congestion.
That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.


The most popular lies about Bitcoin

Bitcoin supply can't reach us all, it's too thinny
Bitcoin mining is not healthy for the environment.
Bitcoin is best tool for criminals.
Satoshi Nakamoto real identity is known.

The first four uses of bitcoin on this thread is actually very correct. Besides, bitcoin is actually used as a payment option. There are companies and organisations, even individuals that accept Bitcoin payment, the reason is because bitcoin is a store of value which you mentioned here, they accept Bitcoin and store it in their own wallet, they do that because bitcoin beats inflation, the value of your money is sustained through bitcoin investment and investment growth is also assured on the long run.
I have read several news online where some individuals claim to know who Satoshi Nakamoto is, but I think this information is not true. Since bitcoin was created till date, Satoshi's identity has remained uncovered and anonymous.
Bitcoin has a limited supply, but this doesn't mean is not enough for investors. Investors have been accumulating Bitcoin for more than a decade and even some countries buy Bitcoin as reserve but even at that , Bitcoin is still available for any individual, country or institution that wants to acquire Bitcoin.

[5W-KILO]

Sigh! I don't know which part of your post to quote, these are not fact about Bitcoin but fact about you knowing nothing about Bitcoin.

You don't have to post, just observe sometimes and learn.

It will be very helpful if you point out where it all felt wrong, and if I don't post how will I know that what I thought was right all along is all wrong?

You can walk into a store and have to wait for 30 minutes because the Bitcoin transaction you did isn't confirmed yet, why? There is sometimes delay on the bitcoin network if there is high busy on the network.

There are many businesses that have been accepting payments in bitcoin lightning network and it is working good on such a way that there is not delay and the fee is low or it has no fee.

Congestion is still a thing, you can wait for few hours more if there is congestion.
That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.

Also there is lightning network that you can use during mempool congestion.

Is that Lightening Network not a second layer protocol built on top of Bitcoin to enable faster and cheaper transaction? Believe it or not, it's not everyone that knows about Bitcoin knows about Lightening Network, even some online stores accepts just Bitcoin not the Lightening Network available.

But thanks for the enlightenment

Some of what you say is true but most of it is wrong. You still need to gain a lot of knowledge about Bitcoin, I think you don't even have basic knowledge about Bitcoin.

Who said Bitcoin is not anonymous? Can't ensure privacy? And is not suitable for daily transactions? These are all lies. There are still some institutions that accept Bitcoin. Don't always compare Bitcoin with dollars, consider Bitcoin as Bitcoin. It is undeniable that Bitcoin mining is unhealthy for the environment. But those who say that Bitcoin mining should not be done at the expense of the environment are basically hypocrites. We are harming the environment more for our own sake, while the harm from mining is nothing.

Bitcoin is not anonymous, I repeat, Bitcoin is not anonymous in anyways, everything is transparent on the public Blockchain, mixers exists for that reason, more private transactions, the only anonymous thing about Bitcoin is the Creator who chose to stay hidden.

[hd49728]

Beating inflation.

Bitcoin does not beat inflation as it is inflationary itself by having more bitcoins from miners who mine new Bitcoin blocks that have block subsidies and release new bitcoins to circulating supply. It's until 2140 when all 21M bitcoins mined all by miners, then we will be able to talk about deflationary of Bitcoin.

Inflation of fiat currencies is issue of governments and central banks and Bitcoin was not created to solve that.

Decentralisation ( total control )

What did you understand about decentralization and total control?
Total control means centralization that is opposite with decentralization and opposite to what you tried to share in a wrong way.

[Charles-Tim]

[Bitcoin does not beat inflation as it is inflationary itself by having more bitcoins from miners who mine new Bitcoin blocks that have block subsidies and release new bitcoins to circulating supply. It's until 2140 when all 21M bitcoins mined all by miners, then we will be able to talk about deflationary of Bitcoin.

So with new gold discovered almost every year and getting mined, that means gold is an inflationary currency?

Bitcoin will have just 21 million supply, that makes it a deflationary currency. Also you can see that the demand is making the price to increase because also the supply mined is limited, making bitcoin a deflationary currency.

Inflation of fiat currencies is issue of governments and central banks and Bitcoin was not created to solve that.

Bitcoin is an alternative, rich people do not save most of their money in fiat but they hold assets because of the fiat inflationary possibility.

[BlackHatCoiner]

Sigh! I don't know which part of your post to quote, these are not fact about Bitcoin but fact about you knowing nothing about Bitcoin.

Can you mention one of his assertions that is false? From all I can see, it is one hundred percent accurate.

Bitcoin does not beat inflation as it is inflationary itself

It's been a while since I've read a dumb argument like that. Beating inflation means beating the rate at which new fiat money enters circulation and inflates goods and services. If beef has gone up by 20%, and your bitcoin has gone up by 40%, you've beaten inflation.

[Ambatman]

Who said Bitcoin is not anonymous?

Satoshi
Everybody that knows pseudonymous is different from anonymous.
Bitcoin gives you an alias via addresses. It's a public ledger
Keyword public.

Bitcoin does not beat inflation as it is inflationary itself by having more bitcoins from miners who mine new Bitcoin blocks that have block subsidies and release new bitcoins to circulating supply. It's until 2140 when all 21M bitcoins mined all by miners

Gold is inflationary too?
It's until all Gold in the world are mined before it would become deflationary?
It's the same thing you are saying.
Bitcoin being deflationary Is it's fixed supply.

[Cookdata]

Sigh! I don't know which part of your post to quote, these are not fact about Bitcoin but fact about you knowing nothing about Bitcoin.

Can you mention one of his assertions that is false? From all I can see, it is one hundred percent.

That's long hours already and if Bitcoin drops 10% between this hours it will affect the business owner, $300 deal can turn to $260 in those waiting hours.

$300 to $260 is $40 loss, that's too much exaggeration, that's 13% in an hour? That's not accurate unless on special weeks when there is FUD. Can't remember when we had 10% on average day not to mentioned he said in an hour, volatility is low right now and transaction fees are at sub 1 sats. Few cents will get your transaction comfirm as quick as possible. Base layer isn't that worst for daily payment, some companies will gladly accept Bitcoin payment over Usdt or ethereum and I don't think those companies will settle for 10% loss on average transaction.

I can't even remember the last time we had transaction congestion, ordinals inscriptions are not selling like before, the network is sharp for transactions more than before.

Bitcoin is good for privacy but that depend what he meant by privacy. If OP is not Kyc with any address and not doing any illegal , there is much privacy one can achieved with Bitcoin and no chain surveillance will ever trace back transactions with their heuristic tools. Bitcoin privacy depend on how the user understand the use of Bitcoin transaction.

[Pablo-wood]

What Bitcoin is not best use for

Making payments everyday ( no fast settlement)

Everyday payments with fast settlements can  be achieved with Lightning Network. It allows people send BTC (sats) almost immediately. Just think of it as a simple shortcut that is built on top of Bitcoin. Instead of always waiting for transactions to be confirmed on the main blockchain which in most cases can be slow and cost more, that is where Lightening network comes in with its flexibility  .

That is to say two users can make many small payment between themselves, keep track of it privately, and only settle the final result on the main blockchain later. So, while Bitcoin base layer may not be best for fast everyday payments, LN makes it so possible to make faster transactions that are even cheaper.

[Zaguru12]

Who said Bitcoin is not anonymous? Can't ensure privacy?

Let me quote the founder for you

The possibility to be anonymous or pseudonymous relies on you not revealing any identifying information about yourself in connection with the bitcoin addresses you use.  If you post your bitcoin address on the web, then you're associating that address and any transactions with it with the name you posted under.  If you posted under a handle that you haven't associated with your real identity, then you're still pseudonymous.

and is not suitable for daily transactions? These are all lies. There are still some institutions that accept Bitcoin.

I think we are actually taking the OP out of context in this post, he clearly states his reasons why it’s not suitable for daily transactions and you can actually say that those claims are valid, bitcoin transactions can take an average time of 10 minutes could be way less or could be way more, if the seller requires more than 1 confirmation then it’s more. If there is congestion and you want to have your transaction in the next available block you increase your transaction fee since it’s the priority for miners.

We have had second layer solutions like Lightening network which many aren’t still familiar with and also looking at the amount for opening a channel too.

Personally I prefer my bitcoin as an alternative currency for payment and love to use it for cross boarder transactions but for payment of things like groceries I use fiat and I think it’s what OP was on about